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(Sharecast News) - Gulf Marine Services has suspended Chief Executive Tim Summers over a severance agreement he agreed before a boardroom coup.
The company said it was investigating the severance deal made on 10 November including £429,000 paid to Summers on that date.
Summers was ousted as GMS's executive chairman on 10 November when shareholders, led by three large investors, voted to replace the board. He was kept on as chief executive to allow a smooth transition to a replacement.
Mansour Al Alami, chairman of the new board, will run the company as executive chairman while the investigation is carried out, GMS said.
Summers's suspension is the latest episode in a fraught period for the supplier of oil and gas work platforms. GMS has spent much of 2020 in a battle with Seafox International and two other large investors after it rejected Seafox's takeover offer in May.
Seafox, Horizon and Mazrui, which own a combined 49% of GMS shares, joined forces to eject the previous board at a general meeting in November. The previous board accused Seafox of taking control of the company without paying a premium and destabilising the company.
GMS said: "The company announces that it has suspended Tim Summers from his current role as chief executive officer, pending an internal investigation into a severance agreement between him and the company ...including in relation to the payment to him of approximately £429,000."
23 Jan 2023 11:08
IN BRIEF: Gulf Marine Services to develop French offshore wind farm
Gulf Marine Services PLC - provides self‐propelled, self‐elevating support vessels for offshore oil, gas and renewables industries - Signs contract to provide support for the construction and development of a major offshore wind farm in France. Contract is due to complete in the first quarter of 2023. Executive Chair Mansour Al Alami says: "We are pleased to be awarded this contract, which is a further reflection of the strong demand for our vessels. This contract also reflects our long-term commitment to the renewable energy sector, as earlier announcements confirmed our commitment towards the oil and gas sector."
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